SPARKS, M.D. — McCormick & Co., Inc., has acquired Botanical Food Co., Pty Ltd., an Australian-based manufacturer of the Gourmet Garden brand of packaged herbs. McCormick purchased 100% of the privately held company’s shares for approximately $114 million in cash, subject to closing adjustments.
Gourmet Garden chilled convenient packaged herbs has annual sales of approximately $53 million, growing at a double-digit rate. To continue to drive double-digit sales growth, McCormick said it plans to expand distribution, increase brand marketing and achieve greater household penetration. McCormick said it anticipates no earnings-per-share impact in 2016 due to the estimated impact of transaction and integration costs, but the company expects the acquisition to be fully accretive in 2017.
|Lawrence E. Kurzius, president and c.e.o. of McCormick|